Benefits of Tool Control and a Tool Management System
1. Increased Lifespan of Tools
With the right storage solution in place, built around the unique dimensions of the tools and equipment being stored, tool control can extend the expected lifespan by several months, even years. Tools stored in ill-fitting tool boxes or drawers are at risk of damage and accelerated wear and tear simply because they are not adequately protected when not in use. The visual cues of a foam shadow board also help to reduce the cost of purchasing replacement tools because operatives can easily identify tools that are missing as soon as they are misplaced.
2. Reduced Tool Consumption
When you know that the quality of tools and equipment can be preserved for longer, you can be more strategic in your tool investments, opting to use that budget to buy higher-quality tools. No longer needing to replace poorer quality items due to breakage reduces your overall tool consumption.
3. Optimised Inventory
Clear tool identification and regular inventory management can help to identify tools in your workshop that are infrequently used. By identifying tools that are in regular use for various tasks, a list of essential tools can be maintained. Not only does this reduce the cost of investing in tools and equipment that are non-essential, it also saves the budget being spent on storing and servicing them.
4. Utilising Capitalisation
Being able to demonstrate that you have the correct storage solution to help extend the lifespan of tools and equipment can open the opportunity for you to use capitalisation in your accounts. Ordinarily, capitalisation of small tools isn’t applied in general accounting practice assuming the short lifespan of such assets. With capitalisation, you could benefit from utilising alternative sources of finance such as leasing. Capitalisation can also add value to your net worth.
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